Dayana C.

asked • 03/19/15

Calculate the cost of both options

josh needs $320 to pay off his cell phone. He can use his credit card, but the $320 payment will put him at his card limit. His other option is to take a payday loan. His credit card has an annual rate of 16.8% compounded daily. The payday loan charges a daily rate of 0.75%. Calculate the cost of both options if he will pay both off when he receives his next pay cheque in 3 weeks.

Cost pay day loan: I=$50.40
Cost of credit card: I=$3.11
I don't how to find the awnser.

1 Expert Answer


Still looking for help? Get the right answer, fast.

Ask a question for free

Get a free answer to a quick problem.
Most questions answered within 4 hours.


Find an Online Tutor Now

Choose an expert and meet online. No packages or subscriptions, pay only for the time you need.